Wells Fargo Announces Markets Leadership Team in the Corporate & Investment Bank

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has restructured its Corporate & Investment Bank's Markets group into six specialized business lines: Credit Sales & Trading, Equities, Foreign Exchange, Municipal Products Group, Rates, Commodities, & Credit Valuation Adjustment, and Structured Products Group. The realignment aims to bolster strategic goals and enhance market share through a diversified product offering. Co-heads Mike Riley and Dan Thomas emphasize leveraging competitive strengths to improve client relevance.

Positive

• Formation of six distinct business lines within the Markets group is expected to enhance focus and specialization.
• Improved strategic alignment to better support business growth and market share.

Negative

• Potential concerns regarding continuity and experience gaps in newly structured teams.

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) today announced the formation of six distinct businesses within the Corporate & Investment Bank’s (CIB) Markets group. The leaders of each business line report directly to Mike Riley and Dan Thomas, co-heads of Markets.

Mike Riley, co-head of Markets (Photo: Wells Fargo)

“We are pleased to announce these organizational realignments, designed to better support the advancement of our strategic goals and enable the growth of our Markets business,” said Mike Riley.

Dan Thomas remarked: “We look forward to leveraging our competitive strengths to drive greater client relevance and increased market share by developing a more diversified set of products and capabilities across asset classes.”

Effective immediately, CIB’s Markets group consists of the following six business lines:

• Credit Sales & Trading, led by Thad Sharrett.
• Equities, co-led by Judith Barry, head of Equity Products Distribution, and D.J. Langis, head of Equity Products Trading.
• Foreign Exchange (FX), led by Mark Jones.
• Municipal Products Group, led by Chuck Peck.
• Rates, Commodities, & Credit Valuation Adjustment (CVA), led by Ben Bonner.
• Structured Products Group (SPG), co-led by Jennifer Doyle and Chris Pink.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo

News Release Category: WF-LO

View source version on businesswire.com: https://www.businesswire.com/news/home/20220505006089/en/

Media

Allison Chin-Leong, (646) 457-8266

allison.chin-leong@wellsfargo.com

Hannah Sloane, (347) 802-5942

Hannah.Sloane@wellsfargo.com

Source: Wells Fargo & Company

FAQ

What are the new business lines in Wells Fargo's Markets group?

Wells Fargo's Markets group now consists of six business lines: Credit Sales & Trading, Equities, Foreign Exchange, Municipal Products Group, Rates, Commodities & Credit Valuation Adjustment, and Structured Products Group.

Who are the leaders of Wells Fargo's Markets group?

The Markets group is co-headed by Mike Riley and Dan Thomas.

What are Wells Fargo's goals with the new business structure?

The realignment aims to support strategic goals and enhance market share by diversifying product offerings.

When was the new structure of the Markets group announced?

The new structure was announced effective immediately on the date of the press release.